If you are in the course of arranging a divorce along with handling your finances in bankruptcy, you should know which action take on first. A divorce can often lead to financial difficulties for some couples calling for a bankruptcy filing. Planning ahead and carrying out the steps in the right procedure can make the process of bankruptcy and divorce less complicated. A skilled bankruptcy attorney will be able to help you step by step.
Meanwhile, here are some of the best strategies to help you determine when you should file for bankruptcy if you are planning on divorce:
First and foremost, understand the fees involved with a bankruptcy and divorce filing. If both sides are working to hire separate bankruptcy attorneys, the charges will be much higher than hiring a joint bankruptcy attorney. Filing for bankruptcy before a divorce can simplify debt and make the division of property easier.
However, it will be a better idea to opt for filing after a divorce if you can qualify for chapter 13 bankruptcy. The process of debt relief and repayment can frequently take many months or even several years to complete. In case you don’t want to stay with your partner for that long, you can opt to apply for chapter 13 as individuals, provided you have the means.
In cases where chapter 7 is the only bankruptcy option for both partners, it is sensible to complete this before a divorce. It can help while dividing property and placing the exemption on assets that they would sooner or later like to divide in the process. Chapter 7 bankruptcy permits the forgiveness of debts. And while it can take a few months or even a year, couples can divorce after the proceedings are completed in the short term.
To get professional help in filing divorce and bankruptcy, connect with our experienced New Hampshire bankruptcy attorney by visiting us at burnsls.com. You may also call at (603) 966-1921 or use (603) 842-4759 to send a Fax. Our mail id is email@example.com.